Top Line

Cryptocurrency Exchange Binance Will withdraw Chinese Yuan from its peer-to-peer trading platform, the company said In a statement on Wednesday, Beijing, the latest company to break ties with China, cracked down on the industry.

important facts

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Binance, one of the largest cryptocurrency exchanges in the world, said It will stop supporting the Chinese currency on its peer-to-peer platform — where users can trade it against cryptocurrencies like bitcoin and ether — on December 31.

Meanwhile, Binance said that it will check its users to make sure they are not in mainland China.

The exchange said that accounts in mainland China would be swapped and only withdrawals would be allowed.

main background

Although founded in China, Binance pulled out of the market in 2017 and said it did not engage in any business on the mainland. The withdrawal of support for peer-to-peer trades in Yuan Savers adds more thoroughly and effectively to one of the few remaining loopholes to Beijing’s blanket ban on cryptocurrency trades. The ban, part of a wider crackdown on the sector by Chinese authorities, has hit the industry and forced slew companies to Close shop and leave. Bitcoin miners swiftly exited China after the action, with no activity now recorded on the mainland and the US taking the top spot in the world.

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Social media and messaging platforms in China are reportedly censoring searches for “Binance” and “Huobi”, another trading platform. According to CoinDesk.

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